XRP achieved great success, as it decreased to less than $ 2 for the first time in four weeks. The encryption market suffers from turmoil, as it wipes more than $ 700 billion in only one week as it sells panic who sell investors. The references have increased to nearly one billion dollars in the past 24 hours, leaving the merchants on the edge of the abyss.
Let’s disintegrate what is happening.
XRP decreases to the lowest level in 4 weeks
XRP lost about 26 % of its value last week, currently trading without a $ 2 mark. Despite the sharp decrease, the trading volume saw a 12 % slight leap, reaching $ 7.63 billion. However, the distinctive symbol fluctuates between $ 2.25 and $ 1.99 during the last day, indicating the continued uncertainty in the market.
One of the main causes of the fall of XRP seems to be a declining network activity. Encryption Ali Martinez indicated The active XRP headlines have decreased by 50 % since December, as it has decreased from 202,250 to 101,169.
This slowdown in the activity indicates that fewer traders participate with XRP, which may have contributed to recent price conflicts.
Keys to monitor XRP
XRP has seen a remarkable profit of 500 % from November to mid-January, but has been stuck in a 2-2 dollar range since then. To restore momentum, XRP needs to restore the simple moving average for 50 days (SMA) at $ 2.72.
In the event of continued pressure pressure, the following support levels can be tested at $ 1.72 and $ 1.50 (200 days SMA).
In addition to the declining pressure, the Relative Power Index of XRP (RSI) recently entered a state of sale, which suggests that a possible reflection can be on the horizon if buyers enter.
- Also read:
- Predicting at XRP on February 28
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The encryption market faces heavy qualifiers
The broader encryption market also gets success, as Bitcoin decreased to less than 80,000 dollars, and Ethereum reaches the lowest level in one year.
According to Coinglass, 952 million dollars Its value has been filtered in the past 24 hours. This includes $ 474 million in long Bitcoin positions, $ 216 million in Ethereum Longs, and $ 25.28 million from XRP traders.
In total, 226,501 liquidation traders faced, with the largest order of HTX on the BTC-Usdt husband, worth $ 38 million.
XRP remains under pressure, but with the RSI width it has conditions of sale, the possible recovery is possible if you return buyers. With the wider market struggle, all eyes will be resistant and main support levels to see where XRP goes after that.
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Common questions
XRP decreased to less than $ 2 due to strong sales pressure, decreased network activity, and liquidation of the total encryption market exceeding $ 952 million.
XRP traders faced $ 25.28 million in the rank within 24 hours, as part of the market liquidation event at the market level at the level of 952 million dollars.
